Excluding the first quarter deferred tax benefit and FX, forecasting fiscal year 2011 EPS growth of approximately 10% from fiscal year 2010 adjusted EPS of $2.58

Change

$ millions

FY11

FY10

Excluding FX

Including FX

Revenue:

Q2

$442

$448

1%

(1%)

6 Months

$850

$836

5%

2%

Adjusted EPS:

Q2

0.88

0.92

3%

(4%)

6 Months

1.60*

1.37

20%

17%

Reported EPS

Q2

0.88

0.78**

22%

13%

6 Months

1.60*

1.24**

33%

29%

* Includes a $0.07 per share deferred income tax benefit in the first quarter of FY11 due to a 1% reduction in the UK statutory corporate income tax rate. ** Includes a $0.14 per share impairment charge related to GIT Verlag.Note: For comparability to our full year guidance, six month EPS excluding the negative effect of FX, the $0.07 per share first quarter UK statutory tax benefit and the prior year $0.14 per share impairment charge related to GIT Verlag grew 15%.

For the second quarter, revenue declined 1% from prior year to $442 million, but grew 1% excluding foreign exchange. Growth in Higher Education (HE) and Scientific, Technical, Medical and Scholarly (STMS) offset a soft second quarter in Professional/Trade (P/T). Revenue for the six months increased 2% to $850 million, or 5% excluding foreign exchange.

Operating income in the quarter rose 3% over prior year to $78 million, or 12% excluding foreign exchange. Prior year operating income included an asset impairment charge of approximately $11 million, $0.14 per share, related to GIT Verlag. Excluding the prior year charge, operating income declined 10%, or 3% excluding foreign exchange, due to top-line results and increased investment in digital products and support systems to support future business growth. On the same basis, operating income for the six months slipped 1%, but rose 9% excluding foreign exchange.

Adjusted to exclude last year's impairment charge and foreign exchange, earnings per share (EPS) rose 3% in the quarter to $0.88, but declined 4% including foreign exchange. On a year-to-date basis, adjusted to exclude the impairment charge, EPS increased 17%, or 20% excluding foreign exchange. Top-line results, lower interest expense and a lower effective tax rate were partially offset by higher technology investments. These results are consistent with our expectations.

Management Commentary

"Despite continued softness in some of our markets, Wiley continues to drive growth in revenue and earnings on a performance basis," said William J. Pesce, President and CEO. "STMS exhibited modest top-line growth, excluding the unfavorable effect of currency. We continue to build successful relationships with current society partners, while adding new ones. Wiley Online Library has already become one of the most visited academic websites in the world. While it is still early in the calendar year 2011 journal subscription renewal process, we are pleased to be ahead of where we were at the same time last year."

Mr. Pesce continued: "After a strong first quarter, Professional/Trade, particularly in the consumer product line, had a soft quarter compared with a strong second quarter last year. Low traffic and sell-through at some retail accounts contributed to these results. eBook sales continue to grow, more than doubling over prior year in the quarter and for the six-months."

"Higher Education maintained its momentum with solid growth in high margin products, including WileyPLUS, eBooks and digital sales to institutions," said Mr. Pesce. "Higher Education's gross margin continued its upward trend, increasing to 68.3% in the first half of the year, up from 66.9% a year ago."

Outlook

Mr. Pesce concluded: "Based on year-to-date results, market conditions and leading indicators, we reiterate our fiscal year 2011 guidance of mid-single-digit revenue growth on a currency neutral basis. Excluding the effect of foreign exchange and the first quarter deferred tax benefit, we continue to project EPS growth of approximately 10% from fiscal year 2010 adjusted EPS of $2.58. For comparative purposes, the full year weighted average foreign exchange rates reflected in Wiley's income statement for fiscal year 2010 were approximately 1.60 Sterling and 1.40 Euro."

Foreign Exchange

The foregoing and following references to "currency neutral basis", "excluding foreign exchange" and "performance basis" exclude the effect of foreign exchange transactions and translations.

SCIENTIFIC, TECHNICAL, MEDICAL AND SCHOLARLY (STMS)

Second quarter revenue +3% excluding FX, +5% YTD

Second quarter contribution to profit +3% excluding FX and a prior year impairment charge, +6% YTD

Journal license subscription renewals proceeding as expected; total billings for calendar year 2011 moderately ahead of prior year

Signed publishing contracts in the quarter for 10 new society journals; renewed or extended 10 existing journal publishing contracts

Wiley Online Library now the second most-visited academic website in the world

STMS revenue for the quarter was down 2% to $245 million, but rose 3% excluding foreign exchange. Higher journal revenue from production scheduling, moderate price increases, new business and increased advertising was partially offset by lower journal reprint sales. Book revenue excluding foreign exchange showed moderate growth in the quarter, reflecting higher online book sales and lower sales returns.

Direct contribution to profit declined 4% to $103 million, but increased 3% excluding foreign exchange and an $11 million impairment charge in the prior year related to GIT Verlag. Top-line growth drove the results. Including the impairment charge, direct contribution to profit for the quarter grew 16% excluding foreign exchange.

For the six months, STMS revenue was down 1% to $474 million, but increased 5% excluding foreign exchange. Excluding the prior year impairment charge, direct contribution to profit decreased 2% to $197 million, but increased 6% excluding foreign exchange. Top-line performance by journals and books drove the results.

Wiley Online Library

Wiley Online Library, the Company's new online research platform launched on August 9. The transition from Wiley InterScience to Wiley Online Library has already resulted in a significant increase over prior year in the number of visits and downloads. It has become the second most visited academic website in the world. Other highlights:

Wiley Online Library is among the top 1500 most popular websites around the world (Alexa Rankings)

Access to full text HTML in September 2010 increased by 56% over prior year

Access to full text PDFs in September 2010 increased by 15% over prior year

Society Activity

10 new society journals signed in the quarter; 23 during the six months

10 renewals/extensions in the quarter; 25 during the six months

1 journal not renewed in the quarter; 2 not renewed through the first half

Key New Contracts

Three journals (Journal of Wildlife Management, Wildlife Monographs and the forthcoming re-launch of the Wildlife Society Bulletin) on behalf of The Wildlife Society

Journal of Midwifery and Women's Health with the American College of Nurse Midwives

International Journal of Language and Communication Disorders on behalf ofthe Royal College of Speech and Language Therapists, providing Wiley with a strong foundation in the field, opening opportunities to add content and relationships

International Forum of Allergy & Rhinology for the American Rhinologic Society and the American Academy of Otolaryngic Allergy

Biotechnology and Applied Biochemistry on behalf of the International Union of Biochemistry and Molecular Biology

European Management Review with theEuropean Academy of Management

Structural Concrete with the International Federation for Structural Concrete

Nobel Laureates

Wiley and its acquired companies have published the works of more than 400 Nobel laureates in all categories: Literature, Economics, Physiology or Medicine, Physics, Chemistry and Peace. The latest Nobel Prize winners with Wiley connections were announced in October and November:

The Nobel Prize in Physics was awarded in the area of solid state physics to Wiley authors Andre Geim and Kostya Novoselov for ground breaking experiments on the two-dimensional carbon material graphene

Nobel Prize winners for Chemistry, Ei-Ichi Negishi and Richard Heck, are respectively Editor of our Handbook of Organopalladium Chemistry for Organic Synthesis and Advisory Board member and chapter author for our Organic Reactions book series

Alliances

In October, Wiley announced the launch of a pilot program to provide a portfolio of biotechnology journals through DeepDyve, the largest online rental service for scientific and scholarly research articles. DeepDyve targets knowledge workers who do not have access to content via an institutional library. The pilot will feature 26 journals with content dating back to 1912, including the Journal of Pharmaceutical Science, American Journal of Medical Genetics, Biotechnology and Bioengineering and Cell Proliferation.

Emergency Access

Wiley has enabled free access to all health sciences journals for health workers in Pakistan in support of the relief effort following the recent floods. The initiative, part of the Emergency Access Initiative (EAI) from the National Library of Medicine, allows immediate online access for a set period following an incident. In early 2010, Wiley participated in the EAI effort in Haiti.

Consumer and technology categories impacted by strong front list in the prior year and low sell-through in the US

Second quarter sales in EMEA markets up 16% excluding FX, 24% YTD

Market share maintained or increased across categories

Six-month eBook revenue more than doubled over prior year to $10 million

Second quarter P/T revenue fell 6% to $113 million, both on a reported and currency neutral basis. The decline was attributed to softness in the consumer and technology categories, a strong prior year front list and a weak retail market in the US. Growth was strong in EMEA, while Asia-Pacific was flat with prior year.

Direct contribution to profit fell 16% to $29 million for the quarter, reflecting top-line performance and lower margins due to sales mix.

For the six months, P/T revenue was up 1% over the prior year period, or 2% excluding foreign exchange. Direct contribution to profit declined 1%, but was flat excluding foreign exchange. Higher revenue was offset by increased employment costs.

Categories

Business grew 4% in the quarter (+8% YTD), with accounting and Pfeiffer HR/training resources performing well

Consumer fell 15% in the quarter (-10% YTD) vs. a strong prior year front list, mostly in cooking and travel

Education grew 13% in the quarter (+25% YTD), fueled by the best seller Teach Like a Champion by Doug Lemov

Technology fell 13% in the quarter (+6% YTD) from a strong prior year driven by major software releases

Architecture, yet to rebound from the recession, was down 8% in the quarter (-4% YTD)

Psychology was flat in the quarter (+8% YTD)

eBooks

eBook sales more than doubled in the quarter and six-months to $6 million and $10 million, respectively

Apple iBookstore agreements include the US, Canada, the UK and Australia

Other Digital Initiatives/Products

Our first enhanced eBook - Lights, Camera, Captureby Bob Davis - was released on the iTunes Store in October. A cross between a book and an application, the product contains over 150 videos and many interactive features for the photography enthusiast. It became the #1 grossing app in photography and the 29th overall grossing iPad App in the entire iTunes store.

We successfully launched 220 custom country, city and regional overviews for Small Luxury Hotels, creating original content to inspire the luxury traveller to stay at one of their niche hotels.

We embedded Frommer's US points of interest content in Citibank's iAd Story Sparker campaign, joining forces with one of the first advertisers on this exciting new ad platform from Apple.

New Books

Business and Finance:The Truth About Leadership by Jim Kouzes and Barry Posner; Undercover Boss: Inside the TV Phenomenon that is changing Bosses and EmployeesEverywhere by Mark Lambert and Eli Holtzman; Real-Time Marketing & PR: How to Engage Your Market, Connect with Customers, and Create Products that Grow Your Business Now by David Meerman Scott(the follow-up to David’s BusinessWeek best-seller, New Rules of Marketing and PR); The Social Media Bible: Tactics, Tools, and Strategies for Business Success, 2nd Editionby Lon Safko; UnMarketing: Stop Marketing. Start Engaging by Scott Stratten;And the Clients Went Wild!: How Savvy Professionals Win All the Business They Want by Maribeth Kuzmeski; Facebook For Dummies, 3rd Edition by Carolyn Abram and Leah Pearlman; Photoshop Elements 9 For Dummiesby Barb Obermeier and Ted Padova.

Public Health Management:Wiley published the three volume Risk Management Handbook for Health Care Organizations, edited by Roberta Carroll and the American Society for Healthcare Risk Management. More than forty risk managers, lawyers and insurance professionals present the most authoritative techniques and practices of today's healthcare risk managers.

HIGHER EDUCATION (HE)

Second quarter revenue +8% excluding FX, +10% YTD

Second quarter contribution to profit +13% excluding FX, +19% YTD

eBooks, digital content sold directly to institutions, binder editions and custom publishing grew by 25% to $13 million and represented approximately 16% of the global HE business during the quarter

WileyPLUS revenue in the quarter grew 13% over prior year to $12 million, with digital-only sales now accounting for approximately 48% of total WileyPLUS sales

Second quarter HE revenue grew 9% to $84 million, or 8% excluding foreign exchange. Growth was strongest in North America, driven by double-digit increases in engineering/computer science and the sciences. Contributing to the results were higher sales of eBooks, digital content sold directly to for-profit institutions, lower book returns and WileyPLUS.

Direct contribution to profit improved 14% from prior year to $32 million, or 13% on a currency neutral basis due to top-line growth.

For the six months, HE revenue advanced 11% to $163 million or 10% excluding foreign exchange. Direct contribution to profit increased 20%, or 19% excluding foreign exchange. Top-line growth and improved gross margin from higher digital revenue drove the results.

Business and Accounting: Revenue of $22 million increased 5% over prior year, with significant revenue coming from Weygandt: Financial Accounting 7e and Managerial Accounting 5e, as well as Schermerhorn: Organizational Behavior 11e andBoone: Contemporary Business 13e Update.

WileyPLUS sales to for-profit institutions were up 33% over prior year.

Deferred and unearned WileyPLUS revenue as of October 31st was $12 million compared with $11 million a year ago.

Validation rate (% of students utilizing the application) increased year-over-year from 65% to 72%.

eBook revenue was up 77% to $3 million.

Note:

The Company provides income measures referred to as adjusted EPS, which exclude certain items. Management believes the exclusion of such items provides additional information to facilitate the analysis of results. These non-GAAP measures are not intended to replace the financial results reported in accordance with GAAP.

Conference Call

Wiley will hold a conference call today, December 9 at 10:00 a.m. (EDT) to discuss its financial results for the second quarter of fiscal year 2011.

To participate in the conference call, please dial the following number approximately ten minutes prior to the 10:00 a.m. start time: (866) 551-3680 and enter the participant code 6768814#. International callers, please dial the following number approximately ten minutes prior to the 10:00 a.m. start time: (212) 401-6760 and enter the participant code 6768814#.

A replay of the conference call will be available through December 16, 2010 and may be accessed by calling (866) 551-4520 and entering pin code 268454#. Additionally, an archive of the webcast will be available at 1:30 p.m. on December 9 at http://www.wiley.com/WileyCDA/Section/id-370238.htmlfor a period of up to 14 days.

This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company, and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities and (x) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

About Wiley

Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Wiley and its acquired companies have published the works of more than 400 Nobel laureates in all categories: Literature, Economics, Physiology or Medicine, Physics, Chemistry, and Peace.

Our core businesses publish scientific, technical, medical, and scholarly journals, encyclopedias, books, and online products and services; professional/trade books, subscription products, training materials, and online applications and Web sites; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, New Jersey, with operations in the U.S., Europe, Asia, Canada, and Australia. The Company's Web site can be accessed at http://www.wiley.com. The Company is listed on the New York Stock Exchange under the symbols JWa and JWb.